The Herfindahl-Hirschman Index measures an industry's concentration of
A) employment.
B) sales.
C) profits.
D) productive capital.
B
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When shopping the consumer is interested in absolute prices
Indicate whether the statement is true or false
If a ton of steel sells for $15,000 and a car made from a ton of steel sells for $30,000 . then if all markets are perfectly competitive, how many cars can be made from the last ton of steel used by a profit-maximizing firm?
a. 1/3 car b. 1/2 car c. 1 car d. 1.5 cars
Sam's income elasticity of demand for Product A is 1.15, while his income elasticity of demand for Product B is –1.15 . Given these values, what will happen to Sam's consumption of Products A and B if his income increases by 12 percent? a. Sam's consumption of Product A will fall, while his consumption of Product B will rise
b. Sam's consumption of Product A will rise, while his consumption of Product B will fall. c. Sam's consumption of Product A will fall, while his consumption of Product B will remain the same. d. Sam's consumption of Product A will remain the same, while his consumption of Product B will fall.
Suppose the long-run supply curve for a good is upward-sloping. The upward slope could be explained by
a. decreases in production costs resulting from more firms coming into the market. b. a breakdown of the "free entry and exit" feature of competition. c. a breakdown of the "price taking" feature of competition. d. the fact that a resource used in the production of the good is available only in limited quantities.